ARTSmart creates art appraisals for insurance, estate, IRS, donation, and resale value.
The Value of a Current Art Appraisal
It is important to have a current art appraisal written by a qualified and experienced appraiser. The report should include complete descriptions of the artwork and artist, information regarding methodology, research details, and the qualifications of the appraiser. In short, it should be a well research document written by a qualified person who has educational qualifications in appraisal studies. The person should also be compliant in USPAP.
The appraiser should have no interest in the property as an auctioneer, or art dealer. A conflict of interest can result if the person appraising the property has an interest in buying it now or later. Appraisers should always work on behalf of the client. The value of an unbiased qualified appraiser is considerable when determining the value of artwork and deciding what is in the best interest of the client. In addition, an "appraisal/receipt" from the dealer who sold the item is generally not acceptable. It not only lacks the detail needed, but it also does not follow the proper format and rarely are dealers qualified appraisers. Even if the dealer is a qualified appraiser the conflict is immediate and will be questioned by any insurance company. In addition, it is never acceptable to use a receipt as a document for IRS, division or estate purposes.
Ask the appraiser you hire for examples of artists they have appraised whose works are similar in style, medium and value to your own. Ask your appraiser for examples of how they have worked with an insurance company or with a client to help settle a claim. Ask them about how they would work with you if you ever have a case of loss or damage.
Like other legal and household documents, appraisals should be completed with care and kept with important papers. We suggest keeping your appraisal in a safe or other secure place.
ARTSmart New England